Nagico makes major acquisition that covers 18,000

POSTED: 11/25/11 12:31 PM

St. MaartenNagico Holdings Ltd. has acquired British American Insurance Company N.V. including its subsidiary British American Insurance Company (Aruba) N.V. and branch operations on Bonaire and St. Maarten. The transaction was completed on November 22, 2011 and will affect 18,000 individual policy holders in the Dutch Caribbean. They will be informed shortly on how the acquisition will impact them and the operational transformation that will take place.

“Our insurance portfolio will be bolstered with a sizeable Life Insurance division, with the combined expertise of the staff and management of both companies. I am delighted that most of the policy holders of British American kept their policies in force while the parent company of British American experienced difficulties and we are now happy to welcome them under the Nagico umbrella. Most of the staff and agents also remained loyal and I look forward to counting them among the Nagico family,” Chief Executive Officer of the Nagico Group Imran McSood-Amjad said.

“In the short-term, we will work towards integrating the NAGICO and British American operations. Over time, clients will be able to benefit from a wider range of insurance solutions as the product portfolio will be expanded. The product range will include Life, Pension, Health as well as Property and Casualty insurance,” Amjad added.

The acquisition is in line with Nagico’s continued strategic expansion throughout the Caribbean. The acquired company will be overseen by Drs. J. Oosterwaal who has been named Managing Director. He brings a long track record as a life insurance expert to the company having served in senior capacities in the Netherlands, Asia and the Americas.

NAGICO is a dynamic group of companies with insurance operations on 16 territories across the Dutch, English and French Caribbean and plans are to expand to at least 19 territories by the end of 2012. The NAGICO Group now writes premiums of over $100 million and has total assets of over $125 million. The general insurance group operations carry the prestigious AM Best B++ rating.

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